Kitchen City swings to profit

    217

    Artemisplus Express Inc. which operates under the trade name Kitchen City posted a profit of P25.46 million as of 2018, a reversal from a P25.08 million loss the prior.

    It generated a profit margin of 2.08 percent out of P1.22 billion revenues for the year, while managing to grow its topline by 34.08 percent from the prior year’s P909.19 million.

    Macay Holdings Inc. is acquiring Artemisplus for P2 billion.

    Artemisplus’ 2018 performance was released Thursday by Macay through its 2018 financial statement audited by Sycip Gorres Velayo & Co.

    For the period, Artemisplus generated a cashflow from operation of P69.32 million compared to a negative cashflow of P84.63 million the prior year.

    It closed the year with a total asset of P494.74 million, up 101.14 percent from a restated P245.96 million in 2017. It was in capital deficit up until 2017 worth P18.76